Pandemic rebound to push emissions to all time high says IEA

Pandemic rebound to push emissions to all time high says IEA
Smoke belches from a coal-fueled power station in China’s northern Shanxi province. (AFP)
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Updated 20 July 2021

Pandemic rebound to push emissions to all time high says IEA

Pandemic rebound to push emissions to all time high says IEA
  • It coincides with a major push by global oil companies to reduce emissions and invest in the renewables sector

RIYADH: Rising consumption in the wake of the COVID-19 pandemic is set to drive greenhouse gas emissions to all-time highs, the International Energy Agency said on Tuesday.
“We estimate that full and timely implementation of the economic recovery measures announced to date would result in CO2 emissions climbing to record levels in 2023, continuing to rise thereafter,” it said.
Governments worldwide have allocated around $380 billion on clean energy measures as of the second quarter of 2021 — representing about 2 percent of the total fiscal support in response to COVID-19, the Paris based body said in a report.
It coincides with a major push by global oil companies to reduce emissions and invest in the renewables sector.
The IEA estimates that government spending and new policies put in place since last year are expected to add an extra $350 billion a year to clean energy and electricity network spending between 2021 and 2023.
Although this represents an increase of 30 percent over the levels seen in recent years it is still only 35 percent of the amount envisaged by the IEA Sustainable Recovery Plan to put the world on track for net-zero emissions by 2050.
“Since COVID-19 crisis erupted, many governments may have talked about the importance of building back better for a cleaner future, but many of them are yet to put their money where their mouth is,” said IEA Executive Director Fatih Birol.
The IEA said investment proposals from G20 nations would likely meet about 60 percent of the spending needed to allow the Paris temperature goals to be attainable.
Among developing nations, that dropped to 20 percent.
Last month the IEA published its clean investment report, which found that annual green investment would need to rise to more than $1 trillion by 2030 from less than $150 billion in 2020 if the world is to reach carbon neutrality by 2050.


Bezos donates $443m to fight climate change 

Bezos donates $443m to fight climate change 
Updated 15 sec ago

Bezos donates $443m to fight climate change 

Bezos donates $443m to fight climate change 

JEDDAH: Jeff Bezos has handed over $443 million to climate organizations as part of his $10 billion commitment to tackle global warming.

About $130 million is allocated to help the Justice40 initiative, an environmentally focused effort by President Joe Biden’s administration, according to Bloomberg.

Another $261 million will fund a plan to protect 30 percent of land and sea by 2030, concentrating on the Congo Basin and tropical Andes. 

The world’s second-richest person gave out $791 million to 16 organizations last year, promising to distribute the full $10 billion amount by 2030, Bloomberg reported.


UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 

UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 
Updated 12 min 6 sec ago

UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 

UAE’s Chimera invests $100m in Egyptian billionaire Naguib Sawiris’ Gemini 

RIYADH: Egyptian billionaire Naguib Sawiris has announced a $100 million deal with Abu Dhabi’s Chimera for investment in Egypt’s real estate.

Through its subsidiary, Chimera subscribed to a capital increase in Egypt’s Gemini Global Development in return for acquiring a minority stake in the company, Asharq reported.

This capital increase aims to develop and expand the real estate activities of Gemini Global Development Egypt through Ora Developers.

Naguib Sawiris said Ora Developers has always aimed to search for opportunities that expand their offerings to a larger base of customers in various markets, while partnering with global investors, contractors and retailers. 

“Through this partnership, Chimera continues to grow and further enhance its global portfolio by investing in a prominent player operating in a high growth sector in Egypt,” Chimera Chairman Syed Basar Shueb said. 


BitMart pledges to compensate users for $150m hack: Crypto Wrap

BitMart pledges to compensate users for $150m hack: Crypto Wrap
Updated 34 min 7 sec ago

BitMart pledges to compensate users for $150m hack: Crypto Wrap

BitMart pledges to compensate users for $150m hack: Crypto Wrap

RIYADH: Crypto exchange BitMart has experienced a security breach that has led to hackers withdrawing around $150 million in cryptocurrency, Bloomberg reported.

Blockchain security firm PeckShield estimates the total loss could run as high as $200 million.

Last week, BitMart closed a Series B funding round led by New York-based private equity firm Alexander Capital Ventures that valued the crypto exchange at more than $300 million.

BitMart will use its own funding to compensate users affected by this hack, according to CEO Sheldon Xia's tweet.

“No user assets will be harmed,” he tweeted, adding the company expects to resume deposit and withdrawal functions on Tuesday.

Also last week, crypto lender Celsius network, which has raised funds from major investors including Canadian pension fund Caisse de Dépôt et Placement du Québec, confirmed that it lost funds as a result of the hack of BadgerDAO, a decentralized finance platform.

Mining

Authorities in Russia and Ukraine have shut down a number of farms involved in the illegal mining of cryptocurrencies allegedly powered by stolen electricity.

"An audit revealed an unauthorized connection to the power grid, theft of electricity and illegal seizure of land for the operation of equipment designed to perform cryptographic calculations related to the mining of digital currencies," Ekaterina Korotkova from the Moscow Interregional Transport Prosecutor’s Office said.

The cost of illegally consumed electricity used to operate mining equipment exceeds 500,000 rubles per day ($7,000), Korotkova explained.

The authorities have filed a criminal case and intend to prosecute the owners of the crypto-mining facility.

Trading

Bitcoin, the leading cryptocurrency in trading internationally, traded higher on Tuesday, rising by 5.39 percent to $51,010 at 4:43 p.m Riyadh time.

Ether, the second most traded cryptocurrency, traded at $4,355, up 7.47 percent, according to data from Coindesk.


Hilton plans to boost Saudi hotel portfolio, says tourism minister

Hilton plans to boost Saudi hotel portfolio, says tourism minister
Updated 35 min 55 sec ago

Hilton plans to boost Saudi hotel portfolio, says tourism minister

Hilton plans to boost Saudi hotel portfolio, says tourism minister

RIYADH: Hilton plans to increase the number of its hotels in Saudi Arabia from 15 to 75, the Saudi tourism minister said on Tuesday.

 


Saudi sukuk market sees three special deals worth $13.7m

Saudi sukuk market sees three special deals worth $13.7m
Updated 42 min 18 sec ago

Saudi sukuk market sees three special deals worth $13.7m

Saudi sukuk market sees three special deals worth $13.7m

RIYADH: Three special deals were completed on Tuesday in the Saudi sukuk and bond market, with a total value of SR51.7 million ($13.7 million), Argaam reported.

Special deals are orders executed when a seller and a buyer agree to trade specific securities at a certain price in order to comply with the Saudi Stock Exchange, Tadawul. 

Tadawul reported that controls and the regulations are issued by the relevant Capital Market Authority. 

Also, special deals do not affect the price of the last deal, the highest or lowest price of the instrument, the opening or closing price, the market index or sector indices.